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be a preview of coming attractions in america. >> anybody that thinks there will be a fiscal cliff deal in the united states to dot all "i"s, cross all "t"s and magically we are precision issues like entitlement reform and revision of the tax code, of course are dreaming. >> this analyst says what is going on in europe right now is the main issue in the global economy. even overshadowing the fiscal cliff. the markets today did not get a huge boost from the greek deal because they expected that it would happen. but they would have take an real hit had it not. bret? >> bret: amy kellogg in london. thank you. black friday shoppers got plenty of bang for the buck. that is later in the grapevine. up next, republicans try to zero in on hispanic voters. why is it that the most impressive technology often comes with a set of equally impressive instructions ? shouldn't something that's truly advanced, not need much explanation at all ? with the nokia lumia 822 on verizon, there's not much to learn because it's powered by windows... to let you do more than you ever imagined on your smartphone. ex
by december 22nd for christmas delivery. gerri: despite the calls from across the country, a fiscal cliff deal seems far away. should the g.o.p. surrender or stick to the principles? this is what some are posting. jake says the g.o.p. needs back to the core principles like making government work, balance the budgets with cuts and revenue increases. do not surrender, ever, stick to the core of smaller government, lower taxes. amen, lee. we asked and 5% said surrender, and 95% said stick to the principles. no surprise there. here's the e-mails. mike writes this, don't folks get it that government is not a producer, but a consumer? liberals view the government as an endless source of money which is why they riot in greece and spain because they bought into the notion that government is responsible for making their lives comfortable. i'm a fan of cuts in everything other than defense. don from north carolina says democrats talk about raising the debt ceiling to $19 trillion. i doubt that rubber band can be stretched further before it snaps. i trust wal-mart bonds more than treasuries. ted says how
polls all morning, a poll regarding how to approach the fiscal cliff deal. 67% believe spending cuts and tax increases are necessary, only 29% think it should cut with spending cuts. that would seem to be -- >> they are going to be unhappy. the question is what they -- what they're going to get in return. is rising taxes on the wealthy enough to sort of deal with the wounds that will come from the nibbling away at certain parts of entitlements, whether it's on some kind of means testing, some kind of lower benefits that filters through the system. you know, the president -- you asked about leverage. he's in a unique position about getting votes, but he's also in a unique position he doesn't need to go to the country for an election again. he's not going to get attacked in the same way, in a way that his advisors will say well you got to be careful here and who knows how that positions you. the leverage point of view, can he get to 60 votes. if he has a balanced package he is. he's going to get republicans and democrats. the harrer part is in the house. can he convince john boehner to
questioning their pledge and saying it may stand in the way of getting a fiscal cliff deal done. that's one side of the equation. in exchange, those republicans say, look, we'll back down. but not if we don't get something for it. we want some entitlement reform. here are the big three entitlements -- social security, medicaid, and medicare, combined they make up 43% of federal spending last year. joining me is john avalon, cnn contributor, senior political columnist for "newsweek" and "the daily beast. "and all around very smart person. you have a column out about this. it's great reading. a lot of math in it. tons of math. >> i was told there would be no math, but there's math. >> a chevy chase line that bears repeating. math means two sides of the equation. >> math is not partisan. >> math is not partisan. there's coverage about republicans and what they're willing to do to give up their pledge to raise revenue. and there's not seemingly as much talk about what the democrats need to do. how much do democrats need to give up in the spending column and what do they need to give up in the s
. still aahead the challenge of getting to the number 218. if a fiscal cliff deal is to be done by the end of the year. why nbc's first read team says it's more of a struggle to get the new class of house republicans to sign on to higher tax raits for the wealthy. we'll break down that 218 for you. plus, chris christie speaking of another number. he gets his highest approval rating for a new jersey governor in the history of the quinnipiac poll. we have show you christie's lucky number. it's one of the things we thought you should know. my doctor told me calcium is efficiently absorbed in small continuous amounts. citracal slow release continuously releases calcium plus d with efficient absorption in one daily dose. citracal slow release. [ male announcer ] it's that time of year again. medicare open enrollment. time to compare plans and costs. you don't have to make changes. but it never hurts to see if you can find better coverage, save money, or both. and check out the preventive benefits you get after the health care law. ♪ open enrollment ends december 7th. so now's the time. visit
positive to deals including today. back to the fiscal cliff. all right. let's say we get a resolution. right away, m&a activity heats up. take me how it will help. >> i think in the first quarter following a deal you will see a resurgence but it won't be dramatic. but that activity will cause buyers to believe there's finally risk to not acting. what we need is a consequence to inaction. that will be deals that will be announced in the quarter following the cliff, which i absolutely believe they will be. we've got deals on the shelf that are waiting for this kind of activity. those deals move into the market. sentiment shifts. as you know it can shift dramatically and now all of a sudden i'm concerned that i'll get priced out of an attractive market. >> wait a second, now momentum is starting. i'm seeing strategic stuff going on in my sector. you say you have things piling up in a sense. are they waiting? are there deals that will happen if we get the so-called -- i hate to use the word certainty. >> it's a wait and see market on the buy side. it used to be if i'm a buyer, four out of
a spending deal done in time to steer clear of the fiscal cliff, derer thompson says it won't necessarily cure the economy. the senior editor of "the atlantic" joins us live in the next half hour. he has an interesting perspective. >>> ambassador susan rice heads to capitol hill this morning to mend fences with three republican senators. john mccain, lindsey graham and kelly a at with her information comments made on several networks that played down the role of terrorists in the attack on the u.s. consulate in benghazi, libya, that killed four americans including ambassador chris stevens. rice maintains she made it clear the intelligence information she had at the time was preliminary. senators have threatened to block her nomination if president obama chooses her to be his next secretary of state. >>> and the obama administration responds to the benghazi attack does not get high marks from americans. the results of a new poll out this morning shows a majority of those questioned, 54%, say they are dissatisfied with the administration's handling of the attack. >>> and the body of yasser
to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahead. our washington correspondent, john harwood, is here with the very latest. hi, john. >> reporter: hi, tyler. you know, everybody is staking out public positions and trying to drive public opinion their way. the president's been doing that all week. he is doing that with his meeting at 2:30 this afternoon with small business leaders from around the country. he is later going to travel to pennsylvania to make his case publicly, part of what he is saying is that if you adopt his plan on the extension of the bush tax cuts that is for the middle class and not for people at the top that almost every small business owner is going to get a tax cut as a result of that. and republicans are staking out their own position that tax revenue can go up but not tax rates. once they get into the room and the hard bargaining which of the positions ultimately falls away. the signs remain positive, tyler, we will get a deal by the end of the year.
about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no grip on its finances has europe hostage all over again. without a deal, every major bourse in europe came down last night. we didn't get a sunday night easing from china. worried that the recent positive data can't be maintained without more interest rate cuts. you know what, we've been conditioned to believe that weaker economic data means more stimulus, which leads to higher stock prices here. what happens if the news isn't so good that china becomes a big importer of our goods again but isn't so bad the c
shopping at work today, cyber monday. but no deal in washington on this fiscal cliff. if you were there, how would you get a deal done, you can tweet us, we'll read the best answers at the end. but a lot of have you been getting mean with me, and personal insults, we will not tolerate it. -- but we will, because we don't get a lot, if we did we would show discretion. anything bad you have to say, send it to lou dobbs, -- kidding. >> meanwhile, white house morning that uncertainty over fiscal cliff tax hikes could keep holiday shoppers from spending. and katie said, mr. president look in the mirror, do something about it. right now know onus on republico make concessions on revenues. part of those consequences from elections were boein both sidesg a little, i see it just one way thus far. >> we have white house coming out with the economic numbers warning that middle class might not go out and spend on holiday gifts. neil: do you believe it? >> i don't. neil: all right, it would take a ama c truck and a thum thermonur reactioning to stop my wife. >> they are trying to use the middle clas
/palestinian issue. this is facing barack obama at a time he wants to do more in asia, deal with the fiscal cliff. welcome to your second term. >> a lot to do. richard haa ss. >> how did jerry adams do it? how did the irish terrorists as they were called before the peace deal, how did they not only enforce the peace but then turn to their own bad elements and say, step out of line, and we're going to crush you. >> one was, they couldn't shoot their way to power. tony blair, the irish prime minister gave them a political path that was legitimate. there was a potential there for compromise. they had discipline in their own ranks. >> how did they do that? how would hamas discipline the extremists? >> at some point -- listen, in the history of every opposition movement, there's a time when there's a civil war where people who want to compromise have to deal with the radicals who don't. the it happened in pre-israel history among the various jewish resistance groups, it'll have to happen with the palestinians. either hamas will be outflanked or they'll have to cut a deal and ultimately stand up. >>> w
in terms of the fiscal cliff, we should deal with it now. politics should be set aside. perhaps unrealistically. we have to deal with this problem now. >> we have to deal with this problem now. if we don't though, we've already seen the dow drop 100 points and rebound 400 points last week. what are we in for? what kind of -- >> we don't know. we're in for a great deal of uncertainty. with interest rates at zero, you know, a large number of americans are looking to their equity portfolio for their retirement income and retirement assets and to see that deteriorate further would be terrible. >> does it matter if it's a grand bargain or small bargain or pushes the whole event down a year ago. >> this is about confidence. confidence drives positive decisions of business to invest in plant equipment, to add the increme incripplement incremental person. this is one thing we could accomplish in the next number of weeks and months to really start to reestablish confidence that we're on a path to solve this fiscal problem. >> we talked earlier with roger and with ed just about this idea
for a fiscal cliff deal. the ranking democrat on the budget committee, congressman vis van hollen is going to join us. il, but i still have a runny nose. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] to learn more about the cold truth and save $1 visit alka-seltzer on facebook. and with my bankamericard cash rewards credit card, i love 'em even more. i earn 1% cash back everywhere, every time. 2% on groceries. 3% on gas. automatically. no hoops to jump through. that's 1% back on... [ toy robot sounds ] 2% on pumpkin pie. and apple. 3% back on 4 trips to the airport. it's as easy as... -[ man ] 1... -[ woman ] 2... [ woman ] 3. [ male announcer ] the bankamericard cash rewards card. ap
or three weeks. bill: dick durbin argue on democratic side take that out of the fiscal cliff and deal with that after the deal. >> occasionally democrats get something right but the key thing is for republicans to hold the line on taxes. europe is raising taxes. japan is raising taxes and it is a disaster. we don't need a weak economy being burdened with this type of stuff. bill: steve forbes. thank you. got a question at home. hemmer at foxnews.com. twitter at bill hemmer. bya, because you asked. as he pointed out there are so many issues to tackle how do you get it done in 35 days? martha: look to europe and japan where they raised taxes. doesn't seem to be helping them. chris van hollen is coming up and what he thinks about all that as we try to avoid the fiscal cliff just days away. republican republicans are willing to talk tax reform but will democrats budge on issue of entitlements. we'll talk to chris van hollen. is that snow on the capitol dome? bill: i think you're right. martha: a little bit of snow, or a funky monitor. this fisherman was stranded at sea. how a small piece
'll be happy to deal with entitlements. >> the congressional wisdom on a fiscal cliff deal does that include receive news and cuts. you made it clear how you feel on revenues. >> we have already done more than $1 billion worth of cuts, so we need to get credit for that in these negotiations that take place. >> senator durbin said he thinks that president obama won't include a deal [inaudible] >> first of all, the debt ceiling. we would be foolish to work out something on stopping this from going over the cliff and then a month or six months later the republicans pull the same game as they did before and say we aren't going to agree to increasing the debt ceiling. i agree with the president. it has to be a package deal. what was your other question? [inaudible question] >> there are things we have already taken care of, the first of april and take a look at that stuff. that's not essential. [inaudible question] >> we can't do anything with the disaster aid package and i'm told it will be tomorrow or the next day. [inaudible question] >> republican, ok. you said what's holding it up? i said re
on capitol hill trying to avoid the fiscal cliff. the biggest obstacle to a deal is a pledge of no tax increases of any kind that virtually every elected republican has signed. grover norquist is behind that pledge considered one of the most powerful men in washington and has convinced thousands of republicans to sign the pledge. with fiscal calamity on the horizon some gop lawmakers are changing their tune. >> i will violate the pledge, long story short, for the good of the country. >> president has made clear, he will not sign a bill that extents the bush era tax cuts for those making more than $250,000. >> some republicans open to breaking the say they will do it by closing tax loopholes they say entitlement reform has to be part of the discussion. both sides are counting on negotiators to find common ground. >>> if you have a lot of holiday errands you may want to get it done today before the storm gates open. >>> we have three systems that are headed our way over the next several days. first tomorrow morning doppler showing all the cloud cover this morning. we are looking dry, we
to avoid the fiscal cliff. 67% say a deal should be a combination of spending cuts and tax increases. and if no deal is reached by the end of the year, it's clear who will take the majority of the blame, 45% will say it's the republicans' fault in congress compared to 34% for the president. when it comes to the public's expectations of their elected leaders in washington, two-thirds predict they're going to act like spoiled children. >> oh. >> as opposed to responsible adults. >>> meanwhile, grover norquist is offering a reminder to republicans in congress who are thinking about breaking their anti-tax pledge in order to reach a deal. >> we could ask president bush, george herbert walker bush, how his second term went after he broke his pledge. did he damage the pledge, or did by breaking his pledge, he lost a second term for the presidency because he had not kept his word with the american people? >> at some point they need to let him go. >>> new york governor andrew cuomo is making his case for federal aid in the aftermath of hurricane sandy. governor cuomo said the storm could cos
about this alleged fiscal cliff. what do you think - and good morning - deal or no deal, scott? > > good morning angie. yeah, there is going to be a deal. it may not be later this week, it may not be next week, but i think at a minimum we are going to see congress, the president, everyone say, you know what, we are on the table together here, and even if we have to extend this three months, six months, we are going to get it done. there is no way with the recovery that we have seen - and i'm not talking about the stock market recovery, i am talking more of the consumer sentiment recovery, housing recovery - with what we have seen the last quarter of this year, there is no way that the guys in washington can harm that or add anything to take the momentum away from that. it just won't happen. > let's talk about the stock market. what levels are you watching here? > > 1390 really held yesterday, during the sell-off in the morning. that is a real near- term support in s&ps. i think in the short-run, we see 1390- 1430 is really the range, probably going into the end of the year. > and what ar
on the debt in a lame-duck, afraid that you don't get a deal and go to the fiscal cliff. if you do too much debt reduction, big tax increases, you know, we have a recession. this is economically pretty straightforward, but politically very complicated. lou: the results profound looking at as much as and a half%, some say a reduction in gdp if we pursue this matter course that we are on. if we have a president who insists that taxes on the wealthy will be a solution and if we have republican leaders who are saying that they can join in an increase in taxes without talking about the spending problem. somehow they forgot about the spending problem. lou: you have to focus on the spending problem. again, we have prominent people like warren buffett writing op-eds and sang the solution is we need to attacks and do it right away. in fact, those proposals of no problems. less than a week of running the government. in just a couple of days then make the tax code complicated, and they don't solve the fiscal cliff. that is the kind of leaders we have at the moment. lou: terrifying as a word that would
the challenge was ahead of them and they were going to address the fiscal cliff. now we're getting the pasturing. senator reid's comments today. the market drops immediately. this headline risk the market is going to suffer from every day until they get to that deal. >> steven, when you look at the retail sales figures over the week, black friday we had up 28% on monday for cyber monday. that would seem to suggest as michelle said that consumers are not too worried about much, including the fiscal cliff. yet, the market has this kind of a selloff when we get words out of washington today. what do you make of this? who's right on the fiscal cliff right now? >> well, i think that -- >> steven gilfoil. >> the consumer isn't paying that much attention to this. the regular american doesn't watch the financial news. he isn't reading the kinds of papers we read. and he's less concerned with this. >> should they be? >> they probably should be, but investors are more concerned with corporate news, with macroeconomic news. the senator made a statement today. you would expect some kind of posturing this we
and pumpkin pie and will get back to work with the fiscal cliff. so can a deal actually be struck before christmas? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >>> it's deal. markets rally as policymakers reach agreement on cutting greek debt. and let's tnot twist again. richard fisher says asset purchases should end this december. and third quarter gdp data defies predictions with growth confirmed at 1%. also results out of italy. spain was able to raise more than expected in three and six month bills. italy has completed a two year zero coupon bond auction with the yield at its lowest since october 2010. that isn't turning its bond yield on the longer end. ten year back into the green. this morning we've seen it flip price higher, yields -- i'm sorry, price lower, yields rising. but just to reiterate, italy going to mar
been on taxes which still is a key element, do not forget that. another part of the fiscal cliff deal will likely be entitlement. that could mean trouble for the president with his own party. not now, that's the message from the number two democrat in the senate on entitlement reform. illinois senator dick durbin now arguing talk of cuts to massive programs like medicare and medicaid should not be part of a plan to avertthe fiscal cliff. a position that appears as odds with other democratic leaders. most notably, president obama. >> i believe that we have to continue to take a serious look at how we reform our intitlements because health care costs continue to be the biggest driver of our deficits. >> this spokesman reiterated that stance tuesday. >> when we're talking about a broad balanced approach to dealing with our fiscal challenges, that includes dealing with entitlements. >> an aide to durbin said the senator does not believe his position conflicts with the president's. rather he's making a clearer distinction between the short-term challenge of the fiscal cliff and the long-te
cuts that kick in as part of the fiscal cliff but there is no deal. both sides seem to repeat with democrats echoing the president's demand for tax increases on the wealthy. >> he has promised he will not sign any bill that mortgages our future for the went quest 2% -- wealthiest 2% of americans. >> no tax increase for those who will not materialize later. >> reporter: but some are indicating they might be okay for some tacks increasing. allison burns, ktvu channel 2 morning news. >>> and a new study had substantially higher rates of breast cancer compared to the rest of the state. those include contra costa and the northern most part of alameda, san mateo and santa clara. breast cancer rates in the region were 10% higher than the state average from 200 to 2008. it has long been a concern in marin county. >>> and it happened during a police occupied protest and needed surgery and he is now suing the alameda sheriff's office. he claims the alameda sheriff's office made his injuries worse by denying him medical care after he was arrested in november. deputies ignored his pleas f
campaigning. he is campaigning on dealing with the fiscal cliff. he will travel to pennsylvania and meet with small-business owners as the pressure republicans to extend tax cuts for people that are in less than two and a $50,000. he will be meeting with these business owners and middle class residents. >> new video coming in from cairo. look at all of the tents that are set up. this is a mass rally against a decree of begins the new president. this demonstration is just after he stated that he had a meeting with judges that was aimed at the worst political crisis in june. there are marches across the capitol and this is the center of a protest that is about the numbers and it is expected to swell. >> we will be right back as we continue. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we mu
is running out to strike a deal for spending cuts that kick in as part of the so called fiscal cliff are now just 35 days away. allison burns, ktvu channel 2 morning news. >>> well a new study finds part of the bay area have higher invasive amounts for the western part of the state. the northern part of alameda county and a section that runs between san mateo and alameda counties. breast cancer rates were 10 to 20% higher than the state average from 2000 to 2008. breast cancer rates have long been a concern in marin county. >>> they are looking into whether the man accused of killing a police officer will stand trial. he is accused of killing a police officer and he is being held without bail but if he is found guilty he could get up to life in prison or even the death penalty. >>> the teen accused of killing a baby is set to begin. they fired several shots as a family of four were leaving a baby shower in june of last year. isaac garcia was killed and they thought the baby's parents were somebody else. opening statements could begin in early january. >>> a vietnam war memorial is vandalized
spending cuts on the other. that's the fiscal cliff. the other challenge is one that we've been dealing with for a long time now, the need to come to an agreement on a broad, balanced and comprehensive plan to reduce our deficits and debt and put us on a sustainable path economically in a way that protects the middle class, protects seniors and other vulnerable americans and continues to invest in our economy so it can grow and create jobs. the president's belief is that we can address both of these in a broad receive -- deficit reduction package but there's no question that we are -- that they are in many ways distinct. that's why when we talk about an immediate action a distinct, discreet action that congress could take if republicans in the house of representatives would agree to it, is to pass the tax cut, extending the so-called bush era tax cuts for 98 pk of the american people. let's do that right now, that's obviously not a comprehensive solution, it's a significant step toward a solution to the fiscal cliff. let's get that done. everyone in washington, i dare say, you know, the
into the debt market, and steven hammers says the fiscal cliff is y2k all over again. i want to start with stephen, because he's been looking at green mountain for a long time, but is it too hot to handle? even though it is popping after hours as a result of these earnings, it is a very hot stock to hold, is it not? >> the stocks do have consistent earnings, otherwise we wouldn't have it. but because we weight securities based on the risk, we call rise the risk. green mountain coffee has the lowest exposure to our large cap fund which is only a .03% exposure. so we don't have much of green mountain coffee. but it is consistent earnings. liz: okay. you know, the trade action of the day, larry, it looked pretty ugly today, but there were some pretty good winners. nonetheless, i like how you put this. you said there are nuisance headlines coming through, and a couple came in the form of, in essence, i guess coming out of d.c. that the talks have stalled as it pertains to the fiscal cliff. does that just cause the markets to dive? >> yeah, i think so. i mean, i'm actually -- i feel like i
economist say without a deal to avoid the fiscal cliff, americans may start closing their wallets during the critical holiday shopping season. and curb their spending well into next year. >> they think that it is important that congress extends the middle class tax cuts without delay, without drama. and it is because it will help to maintain the increase in the consumer confidence that we have seen. >> reporter: both sides say they are ready to compromise to avoid the nearly $600 billion in tax hikes and mandatory spending cuts, scheduled to kick in on january 1. but the taxes, they remain the sticking point. republicans and congress, they have been long opposed to any tax increases, but the gop lawmakers say that they are open to raising more revenues through the tax reforms. wyoming republican says that entitlement reform will also need to be a part of the solution. >> medicare and social security, they are the two big title waves that are coming at us in terms of the spending. >> reporter: the gop leaders say they will need the democrats to give more in order to cut a deal. >> it i
mommists say without a deal to avoid the fiscal cliff, americans may start closing their wallets during the critical shopping season and curb their spending into next year. >> they think it is important that congress extend the middle class tax cuts without delay and drama is because it will help to maintain the increased consumer confidence we've seen. >> reporter: both sides say they are ready to compromise to avoid the nearly $600 billion in tax hikes and mandatory spending cuts scheduled to kick in on january 1st. but taxes remain the sticking point. republicans in congress have been long opposed to any tax increases, but gop lawmakers say they are open to raising more revenue through tax reform. wyoming republican john ber aso said retirement reform needs to be part of the solution. >> medicare and social security are the two big tidal waves coming at us in terms of the spending. >> reporter: gop leaders say they need democrats to give more in order to cut a deal. >> it is time for the president to present a plan that rises above these reckless and radical voices on the hard left.
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.c. to see if we're any closer to seeing a deal to avoid the fiscal cliff. alison? >> reporter: it doesn't seem that way. president obama called congressional -- congressional leaders. but he's not met with them since before the thanksgiving break. we're now just 35 days away from the tax increases and spending cuts that kick in as part of the of the fiscal cliff. there's still no signs of a deal. the democrats are echoing the president's demand for tax increases for the wealthy. >> he's promises that will not sign any bill that benefits the 2% of the americans. >> no tax increases now for promised spending cuts that won't materialize later. >> reporter: and president obama is holding a series of events at the white house and on the road trying to win more public support this week for his approach. reporting live from washington, d.c., alison burns, ktvu channel 2 news. >>> 7:44. wall street seems to be teetering on that fiscal cliff as investors wait too react. pam cook -- wait to react. pam cook is here to tell us what is it at stake. what is at stake? >> a lot. it's being discussed on
: the president will make a public pitch on his plans for dealing with the fiscal cliff. according to the white house the president will make a campaign style appearance on friday at the toy manufacturing plant in pennsylvania. republicans and democrats are working to avoid going over the cliff. the popular term for the combination of spending cuts and tax cut eliminations set to hit at the start of the new year. the president has been pushing congress to preserve the bush era tax rates for the middle class but let them expire for american whose make more than $250,000 a year. republicans have called for democrats to agree to serious cuts in entitlements and a number of g.o.p. lawmakers have said they are ready to put new revenue on the table. mostly through lowing loopholes. and now from capitol hill, the solution needs to "all of the above approach." >>guest: two former republican congressman wrote in the "wall street journal" when you consider all the federal government liabilities, our debt is more like $8.6 trillion every day you have the baby boomers retiring and meeting the benefits so a
increases as part of some kind of deal to solve this fiscal cliff problem and start dealing with the $16 trillion debt. >> so you brought up some of the names. where do you seat republican party right now? are they beginning to line up behind the bob corkers and the saxby chambliss and lindsey graham willing to talk about new taxes on the wealthy, or is the party still, like, say, rand paul, i talked to him a short time ago. take a listen. >> -- willing to raise taxes when we're still spending $300,000 a year on robotic squirrels to watch rattlesnakes attack a robotic squirrel that doesn't wag its tail to see whether or in the the rattlesnake will still attack the robot squirrel. $300,000. $2 million spent on how we can convince chinese prostitutes not to drink so much on the job. >> i mean, i jumped in because i can hear everyone shaking their heads and thinking that is a total waste. but is that the mind set of most republicans? >> i think the robotic squirrel is going to be a big item on hole biday shopping lists this year. i can see republicans splitting into two groups. i think ther
have just 34 days before the economy goes off the so-called fiscal cliff. so can they come up with a deal sooner rather than later? joining me now msnbc contributor and political he heditor perry n jr., former republican governor of maryland, bob erlich, and what we just learned here at the table during the break, governor erlich, you are a member of congress and you were bragging about the fact -- >> i'm not a big fan. >> you do not sign pledges. you said you never did and you never signed grover norquist's. >> what i said was early on in your political career i may have -- i don't think i did but they get you. a young state legislator, there's this questionnaire and the questions are always framed rather easily yes. they're leading questions. and then once they got you, you're done. because they got you. and so the advice i would give -- >> to the young legislators -- >> even if it's a supportive group. i don't think taxes -- i don't want to vote to raise taxes. even if it's tort reform, whatever the issue happens to be, be very careful. do not sign anything. do not give awa
the palestinians. >> thanks, jim. appreciate it. if you this fiscal cliff just a big deal in washington, we'll show you why the whole world now depending on american politicians to find a solution en soon. hurry in and try five succulent entrees, like our tender snow crab paired with savory garlic shrimp. just $12.99. come into red lobster and sea food differently. and introducing 7 lunch choices for just $7.99. part of a whole new line of tablets from dell. it's changing the conversation. ♪ make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. [ gordon ] for some this line is a convenience. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. eve
had a great holiday. the white house is laying the ground work for the fiscal cliff. but it could be a raw deal for the middle class, uh-oh, here we go. university of delaware event with white house adviser david plouffe shows what hand the democrats look to be playing. plouffe is one of the top members of the inner circle. so when asked how to stand up, people should listen to this guy. >> we want to engage in entitlement reform. medicare, medicaid, these are chief drivers of the deficit. there's other spending we have to cut. >> hold on a second. i think that we all know what the chief drivers of our deficit are and have been. our projected deficit has driven by the wars and the bush tax cuts. entitlement programs don't even compete with these costs. plouffe went on to pin the problem largely on republicans who are not flexible, but he also said this. >> where the big bottleneck is republicans in congress around revenue and how much and where does it come from, democrats are going to have to step up and do some tough things. and the notion that somehow that these deficits and ou
the economy going over the fiscal cliff. no mystery what the issues areu. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip o'neil and ronald reagan sat down together and we could figure something out. that is manageable. medicare and medicaid, massive problems down the road. that's where, that is what our children have to worry about. >> dana: here we are, two years later and still no plan. on the left in congress refusing to deal with that simple reality. vermont senator bernie sanders caucuses with the democrats. take a listen. >> i get nervous when i hear the president and others continue to talk about quote/unquote, entitlement reform. which is just another cut for medicaid and medicare and social security. >> eric: brian, start with you, today. >> dana: you look surprised. >> brian: i am. yet honored. >>
if there is no deal on the fiscal cliff? >> that's right, andrea. we looked at what would happen if the middle-class tax cuts are not extended. the typical middle-class family with two children would see a $2200 tax increase next year if the tax cuts are not extended. that will hit their pocketbook. that would reduce consumption by 1.7 percentage points and reduce gdp growth by 1.4 percentage points and would be a big hit to retailers. we calculate that about $200 billion less would be spent next year than would otherwise be the case if the tax cuts for the middle class are not extended. and just to put that in perspective, that's about four times as much as spent over black friday weekend. >> why isn't there more action? we don't see the leaders coming to the hill, we don't see any meetings. what is going on perhaps behind the scenes because mitch mcconnell, among others, critics of the president, of course, were saying where is the presidential engagement. why is he going out to the public and continuing a political campaign to drum up support and not engaging one on one, meeting with the le
on the fiscal cliff. take a listen. >> pick up any of the hill newspapers and look for the full-page ads. basically saying to the left, keep your hands off the entitlements and to the right, keep your hands off of taxes. well, if both sides heed those warnings, nothing will happen. >> congressman, he's right, isn't he? >> of course he's right. and, you know, we have this new book about thomas jefferson and this new movie about abraham lincoln and that great robert carroll book about lyndon johnson. these were people whose greatness came from understanding that the art -- that compromise is the art of politics. that sometimes you have to get your hands dirty. you have to take things into your own hands in terms of negotiating, making deals, compromising things that you know have to be done for the greater good. the greater good is to put this country onto a path of stable financial security. this can be done, but we have to be willing to negotiate, to compromise, and to put aside the people like grover norquist and be able to tell our constituents, look, i acted in the greater good. i act
are forced to lose their unemployment insurance. -- time to come up with a deal to avoid the fiscal cliff. we are asking you, should we go off of it? illinois, on our line for independents. caller: good morning. spoke to several years back. do not go to war for bush. we are spending $1 trillion a year on a war in afghanistan, which is senseless. bring those troops,. that is over $1 trillion a year. turkey, they build pickup trucks for general motors. shipped to the sales room, that costs them $7,000, they turn around and sell it to us for $18,000. let us get an import tax. what about those import taxes. to equalize the funding for the united states. the import tax should equalize $20 an hour american dollars. that will put us on their feet. as far as cutting medicaid, whited biggest toss me out in the street. because i live strictly on social security. and without medicare i cannot possibly make it. our congress is too busy investing their money in the industrial -- to make a ton of money on the war. why we have 10,000 troops in germany? bring a lot of those home. host: here is bob. i will re
the fiscal cliff. if there's no action by the new year some existing tax cuts will be filed. but finding consensus between republicans and democrats will not be easy. >> as president eisenhower said there will have to be compromises. and seeking compromises is the only way forward. >> some gop lawmakers now say they'll have to put the pledge aside for the good of the country. >>> on wall street the markets remained fixed. the dow dropped 42 points, the nasdaq gained nine. >> tonight at 10:30, the jitters the fiscal cliff is causing on wall street and how some investors are deciding to take action now and not wait. >>> the bay area's storm door is about to swing wide open. the first in the series of wet weather is due to arrive tomorrow morning. we start in the weather center with chief meteorologist bill martin. bill. >> julie, a series of storms set to affect the bay area not that atypical for this time of year. but it is going to be a wet weather pattern that is going to take us into early next week. look at the activity in the pacific, it's massive. look at what happens when we -- we
to try to work for a deal to try to avoid the fiscal cliff. if there's no action by the new year some existing tax cuts will be filed. but finding consensus between republicans and democrats will not be easy. >> as president eisenhower said there will have to be compromises. and seeking compromises is the only way forward. >> some gop lawmakers now say they'll have to put the pledge aside for the good of the country. >>> on wall street the markets remained fixed. the dow dropped 42 points, the nasdaq gained nine. >> tonight at 10:30, the jitters the fiscal cliff is causing on wall street and how some investors are deciding to take action now and not wait. >>> the bay area's storm door is about to swing wide open. the first in the series of wet weather is due to arrive tomorrow morning. we start in the weather center with chief meteorologist bill martin. bill. >> julie, a series of storms set to affect the bay area not that atypical for this time of year. but it is going to be a wet weather pattern that is going to take us into early next week. look at the activity in the pacific, it'
on the so-called fiscal cliff. the current tax rate people pay on their dividend income from their investments is 15%, but on january 1st the top rate could shoot up over 39%. what would the implications of that be? joining me now, nick akin of the defend my dividend campaign. he's and ceo of american electric power. >> good afternoon, megyn. megyn: it's great to have you. you're the man behind that ad, you paid for it, you like it -- >> i do like it. megyn: for people like me who don't have a lot of investments, who has dividend income, and how is it used? >> dividend income comes from investment in our types of businesses. utility investments are clearly one of those areas where we deploy a lot of capital, and investors invest in our company based upon the constant yield of the dividend, and that's extremely important particularly for older americans, and certainly it's an issue for us as we go forward to show that consistency. it's clearly an issue where our shareholders, 40% of our shareholders are individual investors, and they are focused on that dividend yield -- megyn
after a long holiday weekend, but returned to the same worries about the fiscal cliff. and a new report from the white house added to the worries, showing that unless there's a deal on solving the crisis, the u.s. economy would suffer big time. the obama administration's economists estimate consumers would spend about $200 billion less next year than they would have otherwise. congress and the administration have only a few more weeks to nail down a deal. but that deal will have to address some tough issues, including entitlement reform. darren gersh explains. >> reporter: the big money in entitlements is in health care, and that means any grand bargain to avoid the fiscal cliff will slice away aone of the nation's most popular programs. >> medicare is clearly in the gunsights. >> reporter: it's possible congress and the president could agree to save $300 to $400 billion from medicare by cutting fees for doctors and hospitals. but analysts worry slashing payments won't make the health care system more efficient. >> this is not really a way to structurally change medicare and if you don'
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